Case Study 3

We visited the site of a company which was about to cease trading pending its forthcoming Liquidation.  The site was open and difficult to secure and there were a significant number of aggrieved ex-employees and creditors from whom we believed the assets were at risk.

We often explain to our clients that we do not believe having our own auction rooms and full time porters makes us better Agents, but they certainly do give us options not available to all.  They were vital in this instance.

We prioritised uplifting the assets to our premises, which involved moving vehicles, machinery, stock and more using a wide variety of vehicles and men, with all the assets being safely secured at our premises within 24 hours of our first site visit.

In addition to our large secure auction rooms and warehousing we have several secure yards, with all goods being insured under our Third Party Asset Insurance policy with AXA, on our client’s behalf, from the moment we take possession.

Our insurance policy gives enormous flexibility for short-notice cover in relation to target stock, jewellery and other unusual types of assets at a particularly competitive rate, which we charge on as a disbursement at an appropriate stage.

We believe bringing goods back to our rooms not only is cheaper from an insurance perspective, but also from a storage perspective as unless we store particularly bulky goods for an unusual lengthy period of time, we do not charge for storage.  Where an Agent does not have their own rooms, even if they can arrange access to a third party site at short notice, not only would this normally come at a cost to the client but it can seldom be as desirable as the goods being under the direct control of the Agent.

It also makes dealing with ROT claims, finance company claims and a variety of other tasks significantly easier when the assets are stored at the main premises of the Agent.

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